OPEC is going to freeze the oil extraction in those country that survive only by oil, so the price is going up again! OH WAIT GUESS NOT, CUZ I HAVE TO PAY MY 50 SUPER CARS AND 5 MULTI MILLION DOLLARS MANSION! ;)

Global news can say whatever you want . It is not physical oil . This are futures . and future's price is constituted by those who trade these futures - banks. There are 3 major traders in the market of oil - JPMorgan , Goldman Sachs, Citi, in their turn they are getting money from the Federal Reserve System . And the Federal Reserve System has only two targets - to keep holding dollar as a the world's reserve currency and to make it stronger. That why in the first quarter of 2017 the oil price will be 12.